The watch, which is due to launch on 4 September, will be linked to a mobile phone, though it will not come with a flexible display as previously thought.
Announcing the latest product from the tech giant, Lee Young-hee, executive vice president of Samsung's mobile business, told The Korea Times: "We will be introducing a new wearable concept device called Galaxy Gear at our own event in Berlin on Sept 4.
"The Gear won't have a flexible display. The new device will enhance and enrich the current smart mobile experience in many ways. It will lead a new trend in smart mobile communications."
Indeed, Samsung have beaten Apple to the wearable device market with the Galaxy Gear, with the rumoured iWatch not expected to be launched until next year.
Furthermore, Mr Young-hee hinted that more wearable gadgets could be forthcoming from Samsung in the future, with the company filing a patent earlier this month for "wearable digital electronic devices" capable of providing Internet access, storing or transmitting data and messages, and sending and receiving phone calls.
What do you think? Will the smartwatch take off? Leave your comments below...